Sudan National Carrier Receives Airbus Program for Rehabilitation

Sudan National Carrier Receives Airbus Program for Rehabilitation
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Sudan National Carrier Receives Airbus Program for Rehabilitation

Sudan National Carrier Receives Airbus Program for Rehabilitation

The Sudanese government announced on Saturday receiving a rehabilitation and operations plan from the European aeronautics company, Airbus, to serve its national carrier Sudan Airways for the upcoming 10 years.

The initiative was inked at a meeting held in Dubai and with each of the Sudanese Transport Minister representatives of the French company.

Transport Minister Makkawi Mohamed Al-Awad expressed in a press statement his hope that Sudan Airways would recapture its global status after having suffered long-term stalemate in world markets.

He considered the initiative with Airbus a step towards development and boosting competition for international airlines.The plan includes open options either through partnership, or sales, he added.

According to the minister, the restructuring of the Sudanese airliner is a part of a national plan to expand a fleet of civil aircraft over the next three years, noting that the Airbus plan is promising for the revival of Sudan Airways.

In preparation for the makeover, Sudan Airways carried out last month a huge employee survey and shuffle which saw the hiring of new personnel.

“Sudan Airways could have been bankrupt. It has not performed well in recent years and has difficulties in to pay back its debts to clients, including the Sudanese civil aviation authorities,” Awad said in an earlier interview.

The Airbus plan was prepared when Sales Director Airbus Middle-East & North Africa Cyrille Picard visited Khartoum two months ago with a large team of experts, Sudan Airways sources said.

Arrangements are under way for the purchase of a new air fleet comprising seven aircraft units.

In November 2017, Khartoum signed a contract with a Chinese company on buying two planes at $60 million.

It is worth noting that Sudan Airways’ partnership with the Islamic Development Bank helps greatly in financing a part of the new aircraft deals.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.